Fitch Affirms Brazil's Unibanco -- Uniao de Bancos Brasileiros S.A.
NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & SAO Sa´o
n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. PAULO, Brazil -- Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. today affirmed the ratings of Unibanco -- Uniao de Bancos Brasileiros S.A.(Unibanco), as follows:
--Foreign currency long-term IDR IDR
In currencies, this is the abbreviation for the Indonesian Rupiah.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. affirmed at 'BB-', with a Positive Outlook;
--Local currency long-term IDR affirmed at 'BB', with a Positive Outlook;
--Short-term foreign and local currency rating affirmed at 'B';
--Individual rating affirmed at 'C';
--Support rating affirmed at '4';
--Long-term National rating affirmed at 'AA-(bra)', with a Stable Outlook;
--Short-term National rating affirmed at 'F1+(bra)'.
Unibanco is Brazil's third-largest private financial conglomerate, with about 3.7% of domestic sight and savings deposits Savings deposits
Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. and 8% of system-wide loans. Ultimate control of Unibanco rests with the Moreira Salles Group (89.8% voting; 18.3% total) through Unibanco Holdings; the remaining shares are publicly traded. Its ratings reflect an improving franchise, strong position in most product areas and sound management team. The bank's foreign currency IDRs are at Brazil's country rating; the local currency long-term IDR higher than the sovereign's reflects consistent performance and balance sheet strength and management capacity to manage turbulent economic cycles. For further details please refer to Fitch's full analytical report, to be released shortly.
Fitch's National ratings provide a relative measure of creditworthiness Creditworthiness
The condition in which the risk of default on a debt obligation by that entity is deemed low.
Eligibility of an individual or firm to borrow money. for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(bra)' for National ratings in Brazil. Specific letter grades are not therefore internationally comparable.
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